Put your money to work with a BankSA savings account.
BankSA began operations as the Savings Bank of South Australia in 1848, and it is now the state’s largest financial institution. Since 2008, BankSA and St.George have been a part of the Westpac Group.
- Australian Banking + Finance Awards, 2010. BankSA SENSE Account awarded Innovative Retail Banking Product of the Year
- Money Magazine Awards, 2010. Winner of Banking Website of the Year
Who is BankSA?
BankSA provides bank accounts to suit different needs. An everyday transaction account is perfect for day to day use, giving you easy access to your money, whereas a savings account enables your money to earn interest. If you don’t need a certain sum of money for a particular period, you can even open a BankSA term deposit.
- BankSA SWIFT code: SGBLAU2S
What’s internet banking like for BankSA?
You can use the BankSA online banking platform to check transaction history, transfer funds to Australian and overseas accounts, make bills payments using BPAY and request eStatements. You can schedule recurring payments, you can sign up for SMS and email alerts and you can report a lost or stolen card.
The use of secure socket layer technology ensures safe encryption of transmitted data, and firewalls keep unauthorised access at bay.
- Schedule payments for any time up to 24 months in the future
- Perform cheque related tasks online and save money
What about the mobile app?Image Source: App Store
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What transaction accounts are offered by BankSA?
- Complete Freedom Account
You can access money in this account using a Visa debit card that finds global acceptance, and you can also turn to mobile and internet banking. By depositing at least $2,000 each month, you don’t have to pay the monthly account keeping fee. You don’t have to pay any ATM withdrawal fee when you use a BankSA, Westpac, St.George, or Bank of Melbourne ATM.
- Express Freedom Account
This account also comes with a linked Visa debit card, and provides access to internet and mobile banking. To get a monthly fee waiver, you have to deposit at least $1,000 in your account every month. Using BankSA, Westpac, St.George, and Bank of Melbourne ATMs for withdrawals does not involve any ATM withdrawal fee. You can also use cheques and visit BankSA branches using a pay-as-you-go system.
- BankSA SENSE Account
This award winning account comes in the form of two account clubbed as one, where you get a transaction account as well as a savings account. The money in the savings account earns interest, and you can access funds in your accounts using a Visa debit card, online banking, mobile banking, and phone banking. Deposit $2,000 or more in the transaction account and get a monthly fee waiver.
- Retirement Access Plus Account
You can open this account as a pensioner or retiree who is over the age of 55 years, and this account does not attract any monthly fees. Access to funds comes via branch banking, an optional Visa debit card, phone banking, and online banking. Account holders can also look forward to free banking transactions depending on their minimum monthly balance.
- Concession Account
You can apply for this account if you have a Commonwealth Government Health Concession Card or a Senior’s Card. Account holders get a Visa debit card, and unlimited transactions through online banking, phone banking, and all Westpac Group branches.
- Complete Freedom Student Account
This account is for individuals under the age of18 years, and you can also apply as a full-time tertiary student or an apprentice. The account does not attract any monthly fees, and access to funds in the account comes through a Visa debit card, internet banking, and mobile banking.Back to top
What high interest savings accounts are offered by BankSA?
- Maxi Saver
As a new customer you stand to earn bonus interest for the first 3 months. By linking an eligible BankSA transaction account to this account you can access your money round-the-clock via phone and internet banking, and you also get branch access. Account holders don’t have to pay any monthly fees.
- Incentive Saver Account
This account offers a bonus interest rate every month you make a deposit and no withdrawals, and there is no minimum limit to the deposit you make. This account doesn’t attract any monthly fees, and access to funds comes via branch banking, BPAY, internet banking, phone banking, ATMs, and EFTPOS terminals.
- Investment Cash Account
This savings account is best suited for Self Managed Super Funds and investors. Access to funds comes through ATMs, cheques, branches, internet banking, mobile banking, and phone banking.
- DIY Super Saver
This account is for Self Managed Super Funds, and does not charge any monthly fees. Access to funds comes through phone and internet banking as well as BankSA branches.Back to top
What term deposits offered are by BankSA?
- Term Deposit
BankSA term deposits offer competitive interest rates for terms in between one month and five years. The minimum you need to open a BankSA term deposit is $1,000, and you can invest up to $5,000,000. You get flexible interest payment options, and multiple options at maturity.Back to top
What are the pros and cons of BankSA accounts?
- Many choices. BankSA gives you various transaction and savings accounts from which to choose, and you can also invest your money in a BankSA term deposit for varied terms.
- Technologically adept. When you bank with BankSA you can access account related information over the phone or through its online and mobile banking platforms. Most of its transaction accounts offer access to funds via online and mobile banking.
- Good presence in South Australia. BankSA has over 200 branches across South Australia, so finding one near where you live, if you reside in SA, should not be difficult.
- Limited presence outside South Australia. Barring from a few branches in Victoria and West Australia, this bank does not have many branches outsides South Australia.
How do I apply for a BankSA savings account?
While you can apply for a BankSA bank account by visiting any BankSA branch, you can also apply over the phone or online.
To apply online, start by clicking on the ‘Go to Site’ button, but only after making sure that you meet the required eligibility criteria.
- You meet given age requirements
- You reside in Australia and have an Australian residential address
Before BankSA opens your account, it requires that you provide the following.
- Personal details like your name, residential address, email address, phone number, and date of birth
- Documents that it can use to verify your identify
Opening a BankSA account or more can be a good idea, but given that many banks offer similar accounts, it’s important that you compare a few before deciding which ones to go with.